CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (129)	$ 1,061
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	376	92
Amortization of deferred financing costs	23	6
Gain on sale of marketable securities	(10)
Gain on disposition of investment in unconsolidated affiliated entity		(741)
Income from investments in unconsolidated affiliated entities	(54)	(47)
Changes in assets and liabilities:
Decrease in restricted escrows	157	289
Increase in prepaid expenses and other assets	(172)	(301)
Increase in accounts payable and accrued expenses	338	28
Increase/(decrease) in due to sponsor	76	(2)
Net cash provided by operating activities	605	385
CASH FLOWS FORM INVESTING ACTIVITIES:
Purchase of investment property, net	(1,047)	(18)
Proceeds from sale of marketable securities	190
Proceeds from disposition of investment in unconsolidated affiliated entity		560
Distributions from unconsolidated affiliated entity	25
Release/(funding) of restricted escrows	1,023	(975)
Net cash provided by/(used in) investing activities	191	(433)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from mortgage financing		6,000
Payments on mortgages payable	(53)
Payment of loan fees and expenses		(184)
Payments on margin loan	(344)	(155)
Proceeds from issuance of common stock	2,963	2,913
Payment of commissions and offering costs	(641)	(661)
Redemption and cancellation of common stock	(253)	(107)
Distributions to common stockholders	(459)	(374)
Net cash provided by financing activities	1,213	7,432
Net change in cash and cash equivalents	2,009	7,384
Cash and cash equivalents, beginning of year	8,152	5,114
Cash and cash equivalents, end of period	$ 10,161	$ 12,498